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Big Bridgeport Development Fails to Meet Financing Deadline

December 28, 2018 | Reprints | Unlock Link | Print

Courtesy Image / Google Maps

A development project that could serve as a resplendent gateway to downtown Bridgeport has hit a major snag.

New York developer Exact Capital’s rebooting of a derelict, city-owned block including the 1920s-era Majestic and Poli theaters and the ex-Savoy Hotel, and associated new residential towers, failed to meet a city-imposed deadline to obtain financing for the project. The Connecticut Post reports city officials have pressured Exact to redevelop the theaters first, before beginning work on other parts of the project.

Exact was chosen for the project by Mayor Joe Ganim’s administration. Ganim touted the project during his unsuccessful run for governor, and made the theaters’ redevelopment a key part of his campaign for mayor. Ganim faces reelection next year.